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Technology

Sale of oil on Iranian stock exchange starts; 280,000 barrels for $74.85

Tehran, Oct 28, IRNA - 280,000 barrels of crude oil on Sunday were sold at the first offering of this strategic commodity in the stock exchange at a rate of 74 dollars and 85 cents per barrel. Crude oil trading in the Energy Exchange began today with a supply of one million barrels of crude oil, which eventually ended up selling eight consignments weighing 35,000 tons.

Only four buyers had all the conditions to enter the purchasing competition for oil shipment.

Buyers are required to pay 10% of the order value in cash within a maximum of 2 hours before the offer in the account of the central depository company of stock exchange, which, in the case of a transaction, will be considered as part of the 20% of Rial order.

The supply of crude oil on the stock exchanges has been repeatedly raised over the past years, but failed, eventually in July this year, with the support of the government and the emphasis of Eshaq Jahangiri, the first vice president of Iran, it is ready to be operational.

Source: Islamic Republic News Agency - IRNA


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